Singapore Prime Minister Lee Hsien Loong on Tuesday sought to reassure the public after a spate of political scandals rocked his ruling party in recent months and amid continuing worries over inflation in the city-state. "Let there be no doubt: my government is determined to keep our system free of corruption and wrongdoing," he said in a televised address, wearing a shirt with Singapore's national colours of red and white. Singapore's yearly core inflation rate - which excludes private road transport and accommodation costs - eased to 4.2% in June from 4.7% in May. Monetary Authority of Singapore (MAS) chief Ravi Menon said last month that Singapore's inflation would ease significantly thanks to a tight monetary policy stance, but the central bank would "not switch from inflation-fighting mode to growth-supporting mode". The MAS left monetary policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state's growth outlook.

Source: The Standard August 08, 2023 11:57 UTC